Nutrien CEO Ken Seitz
The world’s top fertilizer maker will boost output of a key crop nutrient even as demand softens.
Nutrien’s plan to increase potash production capacity to 18-million tons by 2025 has not changed, CEO Ken Seitz said Thursday during the company’s third-quarter earnings call. The move comes as prices are falling from the highest level in years as farmers in North America and Brazil delay purchases, creating localized gluts.
“We have been prudent about expanding capacity, pacing it with the market,” Seitz said. “We continue to believe the supply-side challenges are real and there’s going to be a home for our volumes in the market.”
In addition to Nutrien’s expansion plans, BHP Group is looking at ways to speed development of a $5.7-billion potash project in Canada that could add more than 4 million tons annually to global supplies.
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